Page 45: of Maritime Reporter Magazine (May 1973)

Maritime Fruit Carriers

Report Record Earnings

Maritime Fruit Carriers Com- pany Limited, worldwide shipping concern, has reported record rev- enues and earnings for the year ended December 31, 1972.

Total revenues for the year rose to $57,136,694, compared to $47,- 564,013 the year earlier. Net income for 1972 reached $13,121,001, com- pared to $6,127,818 in 1971.

On a fully diluted basis, earn- ings per share for 1972 were equal to $2.82 based on 4,906,258 shares outstanding. In 1971, fully diluted earnings per share amounted to $1.48 calculated on 4,786413 shares outstanding.

Included in net income for 1972 is $8,384,932 from surrender of tax benefits involving certain ships in the company's fleet. It is expected that additional income will be real- ized from such arrangements dur- ing the first quarter of 1973.

The company estimates that, ex- cluding "other" operating and gen- eral expenses of $1,352,522 in 1971 and $1,266,901 in 1972, profits from operations, other than gain on sale of ship contracts in 1971, and oth- er than income from surrender of tax benefits in 1972, increased from approximately $5 million in 1971 to approximately $6 million in 1972.

These year-end results are after deducting interest payments on ship mortgage contracts and other loans, amounting to approximately $14.7 million, compared to $9.9 mil- lion of such charges during 1971.

These interest payments are treat- ed as an expense in computing net income. The increase in this figure is due in part to the heavy sched- ule of deliveries during 1972, when 12 new vessels were added to Mari- time's growing fleet.

Yaacov Meridor and Mila Bren- er, joint managing directors, noted : "We are pleased to report another year of continued improvement in our financial results and the expan- sion of our capital base. These fig- ures reflect the fact that all of our refrigerated ships continue to op- erate under long-term charter, and all our oil tanker capacity has been fixed under charter parties at fav- orable rates."

States SS Announces

Korea Feeder Service

A feeder service between Pusan,

Korea and Kobe, Japan has been started by States Steamship Co., it was announced by the San Fran- cisco, Calif.-based company. Ac- cording to J.S. Butler, States Line vice president, the feeder service vessel will sail from Pusan every

Saturday, and cargo will be trans- ferred at Kobe to regular States

Line vessels sailing for the United

States and Canada.

Foreign Commerce

Club Relocates

The Foreign Commerce Club of

New York Inc. announced that it has moved, and is now located at One

World Trade Center, Suite 3811,

New York, N.Y. 10048.

Standard Dredging

Elects Officers

Standard Dredging Corporation has announced the election of Wil- liam L. Siskind, Baltimore attorney, as chairman of the board and chief executive officer. William L. Clay- ton, formerly chairman of the board, becomes chairman of the ex- ecutive committee.

The company also announced the election of three new vice presi- dents. They are: William G. Ken- nedy, operations chief, Standard

Dredging, New Orleans, La., Leon

Panitz, Baltimore, Md., real estate developer, and Porter F. Pearson, company engineer.

At a special meeting of share- holders, the following persons were elected directors of the company:

William L. Clayton, Richard H.

Hochman, Jay A. Norem, Herman

Rubin, William L. Siskind, Ralph

Slivka, John E. Weiser, and Leland

E. Yeager.

In addition, shareholders ap- proved the final phases of the com- pany's refinancing program. Mr.

Weiser, the company's president, reported that the company had ob- tained approximately $4,000,000 of dredging work in the past several months, and is presently bidding on a significant amount of addition- al 'business.

Oil Condition Indicator

Kit No. RE-1 • The OIL CONDITION INDICATORS serve engines in all kinds of service-buses • trucks • locomotives • dozers • power plants • tug boats • ships • pipelines • etc. • Inside the OIL CONDITION INDICATOR a small tank takes up a sample of the new oil at each oil change. Thereafter, the oil passing through will flow around tank, so that when the meter compares the used crankcase oil with original sample, they are always the same temperature. • The dial can be read at a glance when a man checks the dip stick, since the pointer stays on position taken at end of last run. • You will find these OIL CONDITION INDICATORS built to the highest standards in the industry. Buy them with confidence. Buy them to increase the hours you get before you have to overhaul your engines.

Ryan Enterprises

P.O. BOX 475, LA MESA, CALIFORNIA 92041 (714) 463-4004

CONTRACT PC-73-50 15 Cubic Yard

Dipper Clamshell Dredge

ADVANCE NOTICE TO BIDDERS

The Panama Canal Company, a corporate agency and instru- mentality of the United States of America, proposes to issue plans and specifications for the construction and delivery of a nonself-propelled diesel-eiectric powered 15 cubic yard dipper dredge, capable of excavating 60 feet below water level, with an 18 cubic yard clamshell option, on or about March 30, 1973, and to open the bids on or about August 31, 1973.

The basic design is a modified in-production model, self-contained shovel machine, mounted on a suitably arranged barge hull, and adapted for sub-surface excavation. All main and auxiliary power is to be supplied by a diesel-electric plant utilizing proven production model engine generator sets. Adequate winches, spuds, and related equipment shall provide a modern dredge with ready sources of procurement for normally required replacement parts.

The dredge sholl be equipped with a machine shop and air- conditioned day quarters for a crew of 11 men.

The basic specifications are:

Length overall (over sponsor and fenders) 154'

Breadth overall (over fenders) 73'

Depth (maximum) 16'

Length of boom 65'

Total rating of prime movers 4500 hp

The estimated price range is $3,000,000 to $5,000,000.

Copies of the Bid Form, plans and specifications may be obtained in the following offices. A deposit of $100 will be required to cover the cost of the bid package.

Chtef Chief

C.Z. Procurement Branch Procurement' Division

Drawer BB 4400 Dauphine Street

Balboa, Canal Zone New Orleans, La. 70146

We take pride in working around the clock to repair your ship with expediency, craftsmanship and minimum cost.

ARTHUR E. FARR, Corporate Vice President

NORTHWEST MARINE

IRON WORKS

SWAN ISLAND SHIPYARD

Portland 228-8222

Moy 1, 1973 47